What is Retail Management?
Before we understand the scope of retail management in India, its very imperative to know that what is Retail management and how it works.
Retail management is satisfying or managing the customers coming to your store to buy desired products for their own use. It’s a process to understand the behavioral aspect of the customer to create convenience in their buying experience. Retail Management has many steps and each step is have lot important aspects. Every individual, whether child, adult or old person, fond of shopping in big showrooms and malls at present, but why? There are numbers of reasons for this.
First of all, you get all the needful things under one roof without going anywhere. Secondly, here, you can easily find good ambiance and environment with lots of entertainment. As per this innovative shopping format, customers don’t need to wait for longer. Everything is self-displayed from where you can easily purchase things according to your requirements. Hence scope of retail management in India is vast not in present even in future also.
Scope Of Retail Management
According to the latest report, India, at the moment, is the fifth largest retail destination around the world on the basis of a number of total customers. Due to rapidly increasing of purchasing power of Indian, customers, domestic as well as International retail players are ready to invest a huge amount in India. That’s why retail management has a wide scope and job opportunities.
Indian Retailers Association of India (RAI) has also admitted in its latest ‘Vision Report’ that market of Indian Retail industry will increase by 50% and reach to $650 billion till 2020. The government of India has now decided to open the doors for foreign retail players by allowing 100% direct FDI (Foreign Direct Investment). After this, there will be lots of employment opportunities hit the doors for the youngsters.
In this post, you will get all the important and useful information related to Scope of Retail Management in India, course after 12 and top colleges offering these courses.
Retail Management Course After 12th
Retail management has various courses which one can choose after 12th also. Here is the list of some popular courses/programs in Retail Management available after 12th in India.
Diploma in Retail Management course is Under Graduate Course which can be pursed after 12th. The duration of This course is one year, divided in two semesters.
Eligibility : 12th passed with any stream
Top Colleges of Diploma in Retail management
- National Institute Of Retail & Management (NIRM), Bangalore
- Noida International University Noida
- BIMT Group Of institution Meerut
- All India Institute of Management Studies, Chennai
- Asian Retail Institute, New Delhi
Bsc in Retail Management is also UG Course, Courses duration is three years, divided into 6 semesters.
Elgibility : Students can join course after 12th with any Stream
Top Colleges of Bsc In Retail Management
- International Institute of Fashion Technology, New Delhi
- FDDI Chhindwara
BBA in retail management is UG, Full-time course, which can be joined after 12th with any stream. Total course duration is three years and an approx fee of the entire course is 3-4 Lakh
Eligibility: Candidates after passing 12th with any stream can take admission directly in the course.
Top Colleges of BBA in Retail management
- IK Gujral Punjab Technical University, Jalandhar
- Noida International University, Noida
- International Institute of Fashion Technology, New Delhi
- Jagran Lakecity University, Bhopal
- Pratap University, Rajasthan
MBA retail Management is 2 Years PG program, divided in to 4 Semester.
Eligibility: Graduate with any stream with minimum 50 % Marks
Top Colleges of MBA in Retail Management
- GNA University (GNAU), Phagwara
- ITM Group of Institute (ITMGI), Gwalior
- Birla Institute of Management Technology, Greater Noida
- Uttaranchal University (UU), Dehradun
- Invertis University, Bareilly
5) Post-Graduate Diploma in Visual Merchandising and Store Design
7) Certificate Program in Retail Management
Anyone, who is interested to make Career in Retail Management In India sector, should fulfil the required eligibility criteria. Here are the eligibility criteria to enter the Retail sector:
- For the Undergraduate courses and Diploma courses in Retail Management, candidates should need to pass 10+2 from a recognized board with at least 50% marks.
- While, for the Post-Graduate course and PG-Diploma courses, candidates should hold a Bachelor’s degree from any stream.
Popular Colleges For Retail Management
There are some excellent and rated colleges and Universities in India offering different courses in Retail Management. Here we have come up with the list of a few of them:
- Indira Gandhi Open University, New Delhi
- Amity Business School, Noida
- Anna University of Technology, Koyambatur, Tamilnadu
- Dr. Baba Saheb Ambedkar Marathwada University, Maharashtra.
- Luxury Connect Business School, Gurgaon, Haryana.
Job Opportunities In Retail Management
Today, Retail Sector has reached its peak. All the big corporate houses in India such as Reliance, Birla, Tata, and Walmart have commenced their retail chains in various cities due to which job opportunities for the youngsters are increasing.
Apart from this, today, in every small and big city, there is a number of giant mega malls, family mart, and web store outlets are opening, where Retail Management professionals can easily find employment opportunities with excellent growth.
The best part of Retail Management is, here both skilled and non-skilled can get ample full time and part time job opportunities.
Entire Management of Retail Industry is basically divided into two parts. i.e. Store Operation and goods supply (also known as Sales and Backend). People, who are in the middle of the store to help and manage the customers, come under Store Operation. While, on the other side, people who use to manage the supply section of the store come under Goods Supply.
Career Options In Retail Management
A career in Retailing Offers numerous career options after 12th in retail. The most popular are as follows:
Customer Sales Associate: Customer Sales Associate is the entry-level job profile of Retail Management. This is the most important profile as the pillar of Retail Store is totally depend on the Sales team. These guys have expert knowledge of the products and they are gems in customer dealing.
Store Manager: Store Manager, who is also known as General Managers are the backbone of a Retail store. They are multi-taskers, who not only manage the entire store but also assign duties to the employees. They also monitor the employees’ works and give them proper instructions. These professionals usually come under the Area/District Manager.
Retail Operation Manager: Retail Operation Manage generally is part of the planning team of the Retail store. They exactly aware of the likes and preferences of the customers and give expert advice in managing the store. Besides this, they are also responsible for merchandising, monitoring of order and stock plus the supply of products.
Visual Merchandiser: These people are technical professionals who are responsible for product planning and designing as this is amongst the most important part of Retail Management.
Retail Buyers Merchandiser: This is also among the key job profile in Retail Management. These professionals are indulged in the purchasing of products for Retail Stores. These guys know the likes and dislikes of people due to which they are well aware of the latest trends in Retail Sector.
Skills Needed For Retail Management
There are some basic skills that should be required in the people, who are looking forward to making their career in Retail Management. Some of them are as follows:
- Excellent Communication Skills: Communication plays an important part in the Retail sector as on a number of occasions, you have to deal with several people like employees, customers, and managers. Therefore, you should be well-versed with excellent communication skills.
- Motivation Skills: If you want to make Retail Manager, then you should have the ability to lead and motivate your team in any situation.
- Problem-Solving Skills: You should have the ability to work under immense pressure and adverse conditions. If you know how to handle the situations, you can easily solve any problems with you problem-solving skills.
- Decision-Making Skills: You should be a good decision maker as you have to take a number of important decisions as per the development of the organization.
- Good Analyzer: In Retail sector, every time, you need to figure out the sales figures, therefore it should be necessary for you to be a good analyzer of the facts and figures.
Salary Range For Retail Management
Due to the immense scope in this field at the moment, the salary structure in the Retail industry is quite excellent as compare to other sectors. One can start his/her career in Retails sector with a good initial package. If you are part of the Sales team, you can easily get Rs 15 to 20000 initially. Which will increase with the experience and skills.
Similarly, the Backend Operation professionals of the Retail store can get around Rs 20 to 25000. This will increase on the basis of skills, performance, and experience. It could reach beyond lakhs per month, once spend few years in good organizations.